By Sylvan Lane, THE HILL

The nonpartisan Congressional Budget Office (CBO) said Tuesday that the federal government’s borrowing authority would likely run out this fall if the debt ceiling isn’t raised. The United States is expected to hit the legal limit on how much debt it can hold, or the “debt ceiling,” by March 16. The Treasury would then be forced to take “extraordinary measures” to fund essential payments without adding to the debt.

Read more…